Bitcoin Drops to 18-Month Low at $25,000, Ether Loses 28% in a Week



Cryptocurrency rate today: Bitcoin plunged to an 18-month low on June 13, Monday, amid a global sell-off that put pressure on the stock and cryptocurrency markets. The largest in the world Cryptocurrency It fell to levels of $25,000 on the day as investors looked to sell their coins amid the shock of inflation data released from the US on Friday which led to a sell-off in the global stock market at its opening on Monday. Away BitcoinMajor cryptocurrencies such as Ethereum, Solana and Cardano have also shed as much as 12 percent of their values ​​to hit new lows this year.

The data showed that the global cryptocurrency market was standing at $1.03 trillion, down 5.18 percent over the past 24 hours, as the situation remained on the downside throughout the weekend and intervened this week. Cryptocurrencies spent most of the weekend in the red, after Friday’s CPI report that showed inflation rising. Crypto investors were largely expecting the US central bank to boost interest rates by half a percentage point later this week in an effort to quell inflation, leading to significant “risk off” sentiment in the markets, according to the CoinDCX research team. .

“The recent inflation numbers (Consumer Price Index) seen in the US had a negative impact on most markets. Most investors will be looking forward with interest to the FOMC meeting scheduled for June 14-15. The rate hike has already been priced in by the Federal Reserve; with However, most investors are concerned that unless inflation numbers start to fall soon, the Fed will likely have to tighten covenants at a faster pace than expected,” said Darshan Bateja, CEO and co-founder of Fold.

The CoinDCX research team added: “By 2023, we expect major central banks to continue their path of quantitative tightening and policy rate hikes – effectively capping any significant rally unless we see more compelling trends in economic recovery.”

Bitcoin dropped on the day to its lowest level since December 2020, trading at the $25,000 mark after 18 long months. Today, the bitcoin price is down 7.17 percent to stand at $25458.31 at the time of writing.

“On the daily time frame, the BTC trend has broken below the long triangle pattern. The immediate and major support is expected to reach $24,000. The RSI dropped below 30 as Bitcoin entered the oversold territory,” WazirX Trade Desk said.

On the other hand, today’s price of Ether took a sharp hit and amounted to $1,337.31, down 7.61 percent over the past 24 hours. This was the lowest since March 2021. Ether prices fell by 28.46 percent over the past week.

Trade desk WazirX added: “Ethereum has corrected more than 20% over the past week, meanwhile, Ethereum versus Bitcoin is down more than 11% in the same period with Bitcoin’s dominance breaking above 48% for the first time in nearly a year.”

Here are the top 10 cryptocurrencies and their prices on June 13, 2022 (according to data from coinmarketcap.com)

Bitcoin $25,458.31 or 7.17% loss in the past 24 hours

Ethereum $25,458.31 or 7.61 percent loss in the last 24 hours

Restrict $0.9989 or 0.00 percent gain in the last 24 hours

USD Coin – gains of 1.00 USD or 0.01 percent in the last 24 hours

$240.02 BNB or 5.81 percent loss in the past 24 hours

Binance $0.9991 or 0.20 percent loss in the last 24 hours

XRP $0.3274 or 5.22 percent loss over the past 24 hours

Cardano $0.4667 or 8.12 percent loss over the past 24 hours

Solana $28.09, or 12.79 percent loss over the past 24 hours

Dogecoin $0.05915 or 9.45 percent loss over the past 24 hours

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